Brunello Cucinelli SpA said earnings soared 76.6 percent in 2007.

The luxury knitwear and sportswear company, known for its high-end cashmere, also forecast sales growth of 20 percent this year.

For the 12 months ending Dec. 31, profits before taxes reached 6.59 million euros, or $9 million at average exchange rate for the period, on sales of 120.6 million euros or $165.3 million, up 32.4 percent.

The group forecast sales of 145 million euros in 2008.

In the last two years, Brunello Cucinelli has expanded its retail reach internationally via a partnership network. The label currently counts 30 monobrand stores and over 1,000 points of sale.